The Financial Conduct Authority has delayed a decision on its investigation into Barclays’ ties with Qatar after the bank turned over thousands of documents.
It has reportedly written to the bank and the people caught up in the investigation to explain that its decision will be delayed by a large number of previously undisclosed evidence, FTAdviser’s sister publication the Financial Times has reported.
The evidence was found by Simmons & Simmons, the law firm acting for Barclays.
The FCA’s investigation centres around fundraising by Barclays in 2008, when the bank asked investors from Qatar and Abu Dhabi for £7.3bn to avoid UK government controls.
Barclays is also subject to a criminal investigation by the Serious Fraud Office relating to the fundraising.
In 2013 Barclays said the FCA intended to fine it £50m for failing to disclose fees it paid to Qatari investors and said it would fight the fine.
But when the SFO launched its probe the FCA proceedings were put on hold.
It is understood the FCA has now restarted its investigation.
Meanwhile the FCA is also investigating the chief executive of Barclays, Jes Staley, after he tried to find out who wrote an anonymous letter which criticised a senior employee at Barclays.
Mr Staley had to apologise to shareholders and to the board, which issued a formal written reprimand to the chief executive.
damian.fantato@ft.com
